Commercial Aircraft Video Surveillance System Market Features and Forecast

Topnewspro.com The “Commercial Aircraft Video Surveillance System Market” report has been added by Logic Research and Solutions.

The report by Logic Research & Solutions provides a market analysis of the commercial aircraft video surveillance system market from 2016 to 2021. It provides market segmentation on the basis of type, aircraft type, and geography. The report also covers market overview, industry trends, competitive landscape, value chain analysis and analysis of top market players.

Commercial Aircraft Video Surveillance System Market

As per our analysis, the market size of the global commercial aircraft video surveillance systems is estimated to be around USD 170 million in 2021, at a compounded annual growth rate of 5.25 % from 2016 to 2021. As per our analysis, the fastest growing region is Asia-Pacific and North America is estimated to have the largest market size. Among the aircraft type, narrow body is the fastest growing segment and has the highest business potential for aircraft surveillance equipment.

In North America and Latin America, there has been a significant increase in air passenger traffic, the market for global commercial aircraft video surveillance systems is expected to exceed USD 60 million by 2021, growing at a CAGR of over 3%. This substantial increase is because of the economic growth in North America and Latin America in the last 2-3 years. Another driving factor for this market is the increase in aircraft fleet, it is estimated that approximately 13,000 new aircraft are expected to be in operation by 2033.

This is likely to have a positive impact on the demand for video surveillance systems in the commercial aviation industry. Besides, this significant increase in passenger traffic is expected to have a positive impact on the growth of this aircraft surveillance market. As per stats published by International Air Transport Association (IATA), passenger traffic increased by 7.3% in Jan’2016 as compared to Jan’2015. The report also states that maximum share North America captured 24% of the total share ofLatin America held over 2%.

A significant increase in air passenger traffic has necessitated the development of automated systems, such as video surveillance systems, that are capable of capturing passenger behavior and enhancing the safety and security of passengers. Approximately 56% of the airlines in the region have increased their IT budgets since 2010, and more than 67% are expected to increase their IT budget during the forecast period, which is likely to contribute to the growth of the market.

Europe, Middle East and Africa (EMEA)

In EMEA, commercial aircraft surveillance market is expected to exceed USD 58 million by 2021, growing at a CAGR of over 4%. The region is expected to have around 10,000 aircraft deliveries during the forecast period, and 40% of the existing fleet is expected to be replaced by new-generation aircraft. This demand for aircraft is due to an increase in passenger traffic, particularly in the Middle East. Passenger traffic in the Middle East is expected to grow at a CAGR of almost 5% during the forecast period. Emirates, Qatar Airways, Etihad, and Air Arabia are the leading airlines contributing to this growth. This, in turn, leads to the demand for onboard surveillance systems such as the cockpit door surveillance system.

Commercial Aircraft Video Surveillance System Market Analysis

Airlines are expected to increase their IT budgets during the forecast period which augurs well for the commercial aircraft video surveillance market. In 2015, Thomson Airways, the world’s largest charter airline, awarded a contract to STG Aerospace, a leading aviation lighting solutions provider, to retrofit its fleet of seven Boeing 737NG and 14 Boeing 757 fleet with video surveillance systems and LEDs in the cabin

Asia Pacific Countries (APAC)

In APAC, the market is expected to exceed USD 51 million by 2020, growing at a CAGR of over 6%. Our study shows that emerging markets such as China and India are expected to grow significantly during the forecast period because of an increase in airline fleets. Increase in passenger traffic has resulted in the merging of different airlines, enabling them to expand their fleet and accommodate more passengers. For instance, a joint venture between TATA Sons and Singapore Airlines has led to the creation of the airline Vistara, which commenced operations in January 2015. Qantas’ joint venture with China Eastern will increase air traffic between Australia and China, contributing to the demand for more aircraft and, consequently, the market growth in this region. Growing air passenger traffic will increase the demand for new aircraft and also engender the demand for new aircraft and video surveillance systems which is likely to propel market growth.

ShekharD

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